House prices outstripping earnings by 16 per cent
THE difficulties faced by Islanders in getting on the property ladder are revealed today with new figures showing that the gap between average property prices and earnings has widened significantly in the last decade.
Since 2005, the average cost of a home in the Island has increased by 44 per cent while average wages during the same period rose by 28 per cent.
Prices increased most sharply before the global financial crisis in 2008 and have remained high since.
Meanwhile, the property market – which was stagnant during the years of recession – experienced a boom in the second half of 2016, when there was the highest number of sales over a six-month period since 2006.
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